The Next Gen Web-Based Solutions-Integrated Financial Management System (IFMS):
The next-generation IFMS is a web-based solution that is designed to bring expenditure control and efficiency to financial planning in the state. The new IFMS has been developed by the NIC Punjab and has additional state-of-the-art features such as budgeting, planning, expenditure, receipt, bill, and payment processing, etc. This portal has brought different stakeholders on a single platform with smart dashboards, such as the Department of Finance, the Accountant General (AG), the RBI, and banks. This smart dashboard has given all the stakeholders a better decision-support system as it allows users to view and manage their financial data in real-time. It provides an overview of the organization’s financial performance, such as revenue, expenses, profit, and loss. It also displays graphs and charts that make it easier for users to understand the financial data. PECS helps different organizations implement IFMS so that they can optimize their financial management system. In this blog, we will discuss the next-generation integrated financial management system.
The Innovative Features of the IFMS:
Financial management is a very important aspect of any organization. It involves keeping track of the finances, budgeting, and making strategic financial decisions. In today’s fast-paced business environment, organizations need a financial management system that integrates all the financial data and processes to ensure accurate financial reporting. The next-generation integrated financial management system offers innovative features that enable organizations to streamline their financial operations and make informed financial decisions.
- The eBudget modules include planning, budgeting, and allocation of budgets from the Department of Finance to DDOs and administrative departments. In this, the budget document is generated via system, accounts from the AG will be posted digitally, an online receipt of the budget from DDOs will be prepared by the Finance Department, and the budget is also checked vis-à-vis allocations.
- The eTreasury module includes DDOs for the creation of bills, Treasury accounts for passing bills, management of stamps and PLA, and also EMD accounts at Treasury.
- The eTreasury module also includes OTP-based authentication for the submission of bills, online tracking of DDO receipts and ECS orders, online bill processing at Treasuries, and also the creation of a unique payee code for each employee.
- The eTreasury also integrates with the latest version of the RBI system for making payments to the payee.
- The virtual account number of the State Power Corporation Limited is maintained in the system. While generating electricity bills, only PSPCL accounts get reflected.
6. eReceipt accepts payments from all payment wallets, such as Google Pay, PayTM, Airtel Money, NEFT, RTGS, Debit Card, Credit Card, and also Net Banking.
The Benefits of IFMS(Integrated Financial Management System):
The benefits of the integrated financial management system are as follows:
1. Improved accuracy and efficiency
One of the most significant benefits of an IFMS is its ability to improve the accuracy and efficiency of financial operations. The system eliminates the need for manual data entry and reduces the chances of errors. And the automated processes also speed up tasks like transaction processing and financial reporting.
2. Better financial visibility
IFMS provides real-time financial data and reports, giving the organization better visibility into their financial status. This allows them to make informed decisions about their financial operations, such as budgeting and planning. With this level of visibility, organizations can identify issues and ensure financial stability.
3. Enhanced security:
IFMS systems have advanced security features that ensure the safety of financial data. This includes encryption and auditing capabilities.
4. Improved Communication
An IFMS system improves communication among the other departments within an organization. It allows for better coordination and sharing of financial information, reducing misunderstandings and delays. The system provides accurate and relevant information to the users.
5. Reduced costs
An IFMS system helps organizations reduce their costs in several ways, such as by eliminating the need for paper-based financial processes and reducing printing and storage costs. It automates many financial tasks and reduces the need for resources.
In conclusion, an integrated financial management system can provide numerous benefits to organizations, such as improved accuracy and efficiency, better financial visibility, enhanced security, improved communication, and reduced costs. PECS helps the organization implement Integrated Financial Management System to achieve financial stability and growth.